The Real Deal - New York Real Estate News

Private developers receive $120M loan to fix Bronx NYCHA complex

Posted: 03 Dec 2018 05:05 PM PST

The private developers that now manage the NYCHA complex Betances Houses received a $120 million loan to make repairs. RDC Development, a partnership between the Catholic Charities of Brooklyn and Queens, MDG Design and Construction, Wavecrest Management and the Ocean Bay Community Development Corporation, landed a $120.6 million loan to acquire and update the Betances Houses in the Bronx, according to public records and a press release. The Betances portfolio covers 39 multifamily properties and […]

Trust associated with real estate mogul closes on $30M unit at 520 Park

Posted: 03 Dec 2018 03:23 PM PST

As the closings continue at Zeckendorf Development’s 520 Park Avenue, the latest deal to hit city records is for $30 million. The buyer is a trust associated with James and Linda Lippman, according to records filed with New York City’s Department of Finance. James Lippman is the founder and CEO of JRK Property Holdings. The Los Angeles-based firm has a $6 billion portfolio of hotels and multifamily units spanning 20 states, according to its website. […]

After Amazon workers snagged LIC condos, a senator wants to prevent insider deals

Posted: 03 Dec 2018 02:30 PM PST

In the frenzy that followed Amazon’s Long Island City announcement, reports emerged of employees buying condos there before the news was public. Now, a state senator wants to stop those kinds of insider deals. Sen. Michael Gianaris, a Democrat who represents the Queens neighborhood, is drafting the proposed law, the Wall Street Journal reported. The legislation would prohibit buying or selling real estate based on any nonpublic government action. It would make such deals a […]

Real estate VR tech firm Matterport taps former eBay exec as new CEO

Posted: 03 Dec 2018 02:15 PM PST

Matterport, which provides 3D virtual reality tours of listed homes for buyers and renters, named a former eBay executive and technology veteran as its new CEO. RJ Pittman, the former chief product officer at eBay, will replace outgoing CEO Bill Brown who will continue to serve in an advisory role at Matterport, the company said Monday. Sunnyvale, California-based Matterport, which has built a library of 1.4 million 3D models, has become popular among real […]

Midtown Equities and Rockwood secure $124M loan for Lower Manhattan office play

Posted: 03 Dec 2018 02:00 PM PST

Midtown Equities and Rockwood Capital have landed a $124 million loan for their acquisition and repositioning of the landmarked Financial District office building known as “Number One Broadway.” The loan comes from Square Mile Capital Management, according to property records. Joseph Cayre’s Midtown, with Rockwood Capital as a majority equity partner, acquired the 12-story property at the tip of lower Manhattan for $140 million earlier this year. Midtown and Square Mile did not respond immediately […]

Pebblebrook sells two hotels to Highgate and LeFrak

Posted: 03 Dec 2018 01:15 PM PST

Following the contentious bidding war with investment giant the Blackstone Group for control of LaSalle Hotel Properties, Pebblebrook Hotel Trust sold two of its New York hotels to Highgate Hotels and the LeFrak Organization as it trims its portfolio. The deals were the first phase of the Maryland-based real estate investment trust’s plan to sell between $750 million and $1.25 billion worth of LaSalle legacy hotels over the next six to twelve months following the […]

Minor alterations sometimes take decades to complete. Here’s why

Posted: 03 Dec 2018 01:03 PM PST

The year 2000 was big one for Stuyvesant Town. MetLife, the original developers of the massive apartment complex, became a publicly traded company in April that year. By the fall, big changes were in the works – a whopping 58 alteration permits were filed for “replacement of wet walls” throughout the development, covering nearly every building in Stuyvesant Town proper and adjacent Peter Cooper Village. Since then, Stuy-Town has been sold and defaulted on, surrounded […]

LA’s miles of parking lots could house more than 800K residents: report

Posted: 03 Dec 2018 12:15 PM PST

Los Angeles’ numerous surface-level parking lots take up more space than the entire island of Manhattan and could be developed with hundreds of thousands of housing units. Parking lots take up 27 square miles of real estate in the City of L.A. alone and almost four times that across L.A. County, according to research by Superspace, a division of architecture firm Woods Bagot. Curbed first reported on the research. If all of those lots in […]

Kim Tasher is planning another resi building in the Bronx

Posted: 03 Dec 2018 11:30 AM PST

SKF Development is planning to build its fourth residential building for the Bronx. The firm, led by Kim Tasher, filed plans with the Department of Buildings on Monday for a six-story, 92-unit residential building in the northern Bronx at 829 Tilden Street. The project would stand 55 feet tall and span 62,606 square feet. It will replace a two-story, two-family home. SKF did not respond to a request for comment. The firm purchased 829 Tilden […]

Long Island Cheat Sheet: J.Lo and Marc Anthony’s Brookville home to be razed, Nassau Hub devs outline plans … & more

Posted: 03 Dec 2018 11:00 AM PST

J.Lo and Marc Anthony’s Brookville home to be razed and replaced The celebrity marriage between Jennifer Lopez and Marc Anthony officially ended in 2014, and the home the couple once shared in Brookville, roughly 30 miles from New York City and one of the most expensive small towns in the country, went on the market the following year. Built in 1941, the 10,500-square-foot home on a gated 8.5-acre compound listed for $12 million in 2015. […]

IKEA to open its first Manhattan outpost

Posted: 03 Dec 2018 10:31 AM PST

IKEA is set to nestle into its first Manhattan space, announcing that it will open a concept store in Lenox Hill. The Swedish furniture store will take over retail space at 999 Third Avenue, according to a release from the company. It wasn’t immediately clear how much square footage IKEA would occupy in the Zucker Organization-owned property. Last year, the landlord was marketing the three-story, 17,500-square-foot retail portion at the Lenox Hill tower as individual […]

Here’s where Opportunity Zones are bound to take off in Chicago

Posted: 03 Dec 2018 09:45 AM PST

The federal Opportunity Zones program was not designed to help people like Phil Denny. But the first time Denny saw the state-issued map of the zones, which crack open a collection of tax breaks for investors who buy property in distressed areas, the prolific West Loop property owner immediately started making phone calls. The 8,700 American Census tracts designated as Opportunity Zones include a quarter-square-mile rectangle on the Near West Side where Peppercorn Capital, Denny’s […]

Here are the week’s top luxury sales

Posted: 03 Dec 2018 09:00 AM PST

Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

Renters Warehouse buys online marketplace for rental homes

Posted: 03 Dec 2018 08:30 AM PST

Property management company Renters Warehouse acquired OwnAmerica Real Estate, an online marketplace for the sale of single-family rental homes. Renters Warehouse already manages around 22,000 rental houses across the U.S., often on behalf of institutional owners, Bloomberg reported. By buying OwnAmerica, the company is expanding the range of services it offers to customers. Renters Warehouse is already the country’s biggest third-party manager of single-family rental homes, according to the report. “A lot more institutional capital […]

These are SL Green’s big plans for One Madison Avenue

Posted: 03 Dec 2018 08:08 AM PST

SL Green Realty’s redevelopment project at One Madison Avenue will include 18 new floors and bring the building’s total rentable square footage to about 1.5 million square feet, according to new details released about the project on Monday. The firm has tapped architecture firm Kohn Pedersen Fox to lead the redesign of the building, which will include modern office spaces, tenant floors and more than an acre of outdoor terraces. SL Green is using 218,000 […]

Brooklyn’s luxury market saw a contract signed for the priciest-ever DoBro condo

Posted: 03 Dec 2018 07:30 AM PST

There were 12 contracts signed in the Brooklyn luxury market last week, split between six townhouses, five condos and one co-op. The properties sold for about $32.2 million overall and went for an average price of roughly $2.7 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Building volume stayed the same as the week before at 12, […]

Announcing TRD’s Future City 2019 event

Posted: 03 Dec 2018 07:00 AM PST

We’re thrilled to announce The Real Deal’s Future City 2019, an exclusive two-day opportunity for a group of 200 C-level executives in the fields of development, tech, construction, law, design and finance to network with and learn from the top minds and biggest dealmakers in the country. The event will take place Jan. 27-29, 2019 at the brand-new Baha Mar resort in the Bahamas. The industry is changing at a faster pace than ever before […]

Manhattan’s luxe resi market rebounds from Thanksgiving-week slump

Posted: 03 Dec 2018 06:45 AM PST

Manhattan’s luxury residential market rebounded from the Thanksgiving-week slump with 20 signed contracts, according to Olshan Realty’s weekly market report. Turkish billionaire Nurzhan Subkhanberdin’s two condominiums at the Time Warner Center took the week’s No. 1 spot, with an asking price of $23.49 million. That’s a reduction of more than 30 percent off the $35 million that units 75C and 75E were asking when they first hit the market in June 2015. Subkhanberdin, founder and […]

TD Bank’s investment-banking arm takes 120K sf at One Vanderbilt

Posted: 03 Dec 2018 06:07 AM PST

TD Securities, the investment-banking arm of TD Bank, will be joining its colleagues at SL Green’s One Vanderbilt. The company signed a lease for 119,000 square feet in the 1.7 million-square-foot tower, the New York Post reported. TD Bank was one of the first tenants to lease space in the $3.1 billion development project when it signed up for 200,000 square feet in 2014 before ground broke on the tower. The TD Securities deal is […]

SL Green buys majority stake in $440M Hudson Yards-area building

Posted: 03 Dec 2018 05:32 AM PST

SL Green Realty is staking a claim in the Hudson Yards area. The city’s largest office landlord bought a majority stake in the Kaufman Organization’s former printing building at the corner of 34th Street and 10th Avenue in a deal that values the property at $440 million, the Wall Street Journal reported. SL Green plans to upgrade the 91-year-old building at 460 West 34th Street and compete with glass-and-steel towers at Hudson Yards and Manhattan […]

With more condos rolling down the pipeline, LIC resi brokerages jostle for business

Posted: 03 Dec 2018 05:00 AM PST

Long Island City is slated for a new wave of residential projects — and the Amazon move may help push more developers toward condominium projects in the rental-heavy neighborhood. Over the last few years, LIC has been shedding its industrial past as more residential developments crop up in the neighborhood. Amazon’s plans for a campus in the area have put a spotlight on LIC, which has predominantly been a rental market. While the current pipeline […]

Move over, mega-agents: These realtors are brokering big deals of their own

Posted: 03 Dec 2018 04:30 AM PST

Some residential brokers in New York are household names. Think Fredrik Eklund, John Burger, Carrie Chiang, Paula del Nunzio, Raphael De Niro, and Leonard Steinberg. The list goes on. But they are not the only ones clinching multimillion-dollar deals in the city. Some agents not known for headlining industry rankings are handling many of Manhattan’s $10 million-plus transactions. Here’s a quick look at a few of the many brokers who have closed or listed pricey […]

The Real Deal’s December issue is now available to our subscribers

Posted: 03 Dec 2018 04:00 AM PST

The Real Deal’s December issue is live, and digital subscribers to TRD are getting the first look at what’s inside. Subscribers now have access to stories including: – How astronomical valuations could come back to bite investors – Why NAR pouring millions into tech could be a little too late – The highest-paid chief executives of major office REITs – Manhattan’s top retail brokerages – Is the great real estate job boom ending? And plenty […]